Sharechat Logo

Nathans, Bridgecorp directors charged over documents

Tuesday 23rd December 2008

Text too small?
The Securities Commission has laid charges against directors of Nathans Finance and the remaining directors of Bridgecorp over misleading documents.

The commission, which has been looking into all of the nation's failed finance companies, said it is coincidence that the two sets of charges were announced at the same time, shortly before Christmas.

Criminal and civil charges were laid against Nathans Finance directors John Hotchin, Donald Young and Kenneth Moses. Nathan's went into receivership in August last year owning about NZ$174 million to 7,000 investors and receivers expect to recover less than 10% of the funds, according to a statement from the commission.

Charges were separately laid against Bridgecorp chairman Bruce Davidson and non-executive directors Gary Unwin and Peter Steigrad. Bridgecorp went under in July last year owing about NZ$459 million to 14,300 debenture holders, with an estimated recovery rate of between 13% and 44%. The commission has already laid charges against Bridgecorp executive directors Rod Petricevic and Robert Roest.

The Serious Fraud Office is continuing investigations into Bridgecorp, it said.

By Jonathan Underhill



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

18th October 2021 Morning Report
T&G Global Limited (NZX: TGG) FY21 Earnings Guidance Update
Arvida Group Limited (NZX: ARV) Successful Completion of $155m Placement
FreshLeaf: Cannabis on course to be 'medicine of the masses'
Arvida Group Limited (NZX: ARV) to Acquire Arena Living Retirement Living Portfolio
My Food Bag Group Limited (NZX: MFB) Market Update and HY Results Announcement Date
Harmoney Corp Limited (NZX: HMY) Delivers Record September Quarter
Vital Healthcare Property Trust (NZX: VHP) Announces Successful Completion of $115m Placement
14th October 2021 Morning Report
General Capital Limited (NZX: GEN) Completes Greenfern Listing